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Bob purchased an apartment building to rent to university students on November 18, 2015. The following costs were incurred during 2015, before the tenants moved
Bob purchased an apartment building to rent to university students on November 18, 2015. The following costs were incurred during 2015, before the tenants moved in:
| Purchase price of the building | $220,000 |
| Purchase price of the land | 100,000 |
| Transfer taxes | 10,000 |
| Interest incurred on the mortgage loan to purchase | 4,000 |
| Attorney and real estate agent's fees | 15,000 |
| Repave the parking lot | 6,000 |
How much will Bob record as an asset?
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